- ABU DHABI: Union National Bank reported a 20 percent rise in first-quarter net profit, beating analysts forecasts as revenue rose and impairment losses fell.
The Abu Dhabi headquartered lender earned a net profit of AED456.4 million ($124.3 million) in the first-quarter compared with AED379.24 million in the same period last year, according to a statement.
Analysts polled by Reuters forecasted an average profit of AED352 million in the first-quarter.
The lender booked impairment losses on financial assets totaling 69.85 million dirhams in the quarter, compared with AED91.93 million in the year earlier period.
Total revenues in the quarter grew to AED1.16 billion against AED1.07 billion last year, the lender said.
Loans and advances were flat at AED56.29 billion compared to AED56.57 billlion in the first-quarter last year, while deposits grew slightly to AED59.58 billion from AED56.57 billion.